Download - November 3, 2017 - · PDF fileRetail supply chain ... Marks & Spencer’s current CEO, Steve Rowe, is selectively withdrawing the company from some international markets

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November3,2017

DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.

ChartoftheWeekStatoftheWeek

Deborah Weinswig Managing Director

FGRT

[email protected]

US: 917.655.6790

HK: 852.6119.1779

CN: 86.186.1420.3016

November 3, 2017

1) Thisweek’snote“FromtheDeskofDeborahWeinswig”discussestheupcomingretailholidayseason,includingBlackFriday,andourexpectationsregardingpromotionalactivitythisholidayseason.

2) Thisyear,moreAmericansareexpectedtobegintheirholidayshoppinginthemiddleoftheseason,orThanksgivingweekend,asopposedtolateintheseason,orearlyDecember,anewsurveyfromTheNPDGrouphasfound.

3) LessthanoneweekafterannouncingitsacquisitionofLord&Taylor’sflagshipstoreinNewYork,office-spacefirmWeWorkisreportedlysettopayaround£600million(US$796million)foralargedevelopmentintheCityofLondon.

4) SmartphoneshipmentsinIndiagrewby23%andcrossedthe40millionmarkforthefirsttimeinthethirdquarterof2017.ThatmeansIndiahasovertakentheUSinsmartphonesales.

TheInternetofThings(IoT):NumberofConnectedDevicesWorldwide(Bil.Units)

InformationandanalyticsfirmIHSMarkitforecaststhattheIoTmarketwillgrowfrom15.4billionconnecteddevicesin2015to75.4billionin2025,anincreaseofalmost400%.RetailsupplychainmanagementisexpectedtobeoneofthemainareasofgrowthforIoTapplications.

Source:IHSMarkit

• Amazon’sphysicalstoresgenerated$1,276millioninsalesinthethirdquarterof2017,accordingtothecompany’sOctober26resultsannouncement,whichbrokeoutsalesatphysicalstoresforthefirsttime.

• Amazon’sbrick-and-mortarpresenceincludesgrocerychainWholeFoodsMarket,whichthefirmacquiredonAugust28,andAmazonBooksbookstores.

Source:Companyreports

$1,276Mil.

15.41 17.6820.35 23.14

26.6630.73

35.8242.62

51.11

62.12

75.44

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FromtheDeskofDeborahWeinswig

TheHolidays,BlackFridayandtheDiscountingSpiralPuttingtheHolidaysinContextLikeitornot,thepassingofHalloweenmeansthatwearenowracingtowardtheholidays.ThereareahandfulofcalendareventsthateachcontributebillionstoUSretailsalesthroughouttheyearand—equallyasimportant—promptshopperexcitementandsodrivetrafficintostores.Butotherthantheback-to-schoolandback-to-collegeshoppingperiod,noneofthesecalendareventscomesclosetothewinterholidays.Thisyear,weexpectAmericanshopperstospendabout$114billiononholidaygifts,foodandtreatsinthefinaltwomonthsoftheyear.

Thegraphbelowshowshowthemajorcalendareventsofthisyear,fromValentine’sDaythroughthewinterholidays,shapedup(orareforecasttoshapeup)forUSretailers.

EstimatedUSRetailSpendingonMajorCalendarEvents,2017(USDBil.)

WeExpectAnotherPromotionalHolidayThenextmajoreventonthecalendarsofretailanalystsandconsumersisBlackFriday.Itfallsearlythisyear,onNovember24,butthatwillnotbetheonlyfactorpullingholidayspendingforwardthisyear.Weexpecttoseemoreretailersseektopreemptthecompetitionbystartingpromotionsearlierthisyear,includingBlackFridaypromotions.

Lastyear,onlinecouponfirmRetailMeNotfoundthattheaverageholidayofferbegannearlyfivedaysbeforeThanksgiving.Accordingtothefirm’ssurveydata,nearly80%ofretailerswillbeginholidaymarketingeffortsearlierthisyearthantheydidlastyear,andRetailMeNotexpectsthattheThanksgiving–CyberMondayshoppingweekendwillstretchintotwofullweeksofpromotions.Similarly,newssiteBlackFriday.comisforecastingthatretailerswilllaunchearlyBlackFridaysalesthisyear,anditpointsoutthatAmazon’sCountdowntoBlackFridaybeganonNovember1lastyear.

Pullingforwardholidaydealsfurthercompoundsthediscountingspiralthathasconditionedshopperstoexpecttobuyonsaleandforcedretailerstooutflankeachotheronthedepthortimingofpromotions.USretailisabuzzwithchatteraboutstoreclosuresandtheneedforsomebrick-and-mortarstorestodownsizetheirestates,butretailersmustfindawayoutofthediscountingspiral,too,inordertorebuildequityintheirbrandsandintegrityintheirpricing.

18.2 18.4 23.614.1 15.5 9.1 7.1

83.6

113.6

*HolidayspendinginNovemberandDecemberSource:NationalRetailFederation/USCensusBureau/FGRT

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USRETAILEARNINGS

Company

Revenues(USDMil.)

YoY%Change GrossMargin(%)

Change(bps)

NetIncome(USDMil.)

YoY%Change StoreFleetEOP

Period TY LY

TY LY

TY LY

TY LY

SimonPropertyGroup 3Q17 1,404 1,357 3.4 62.4 49.8 1,260 515 506 1.8 N/A N/A

UnderArmour 3Q17 1,406 1,472 (4.5) 45.9 47.5 (155) 54 128 (57.7) 280 225

WalgreensBootsAlliance 4Q17 30,149 28,636 5.3 24.3 25.0 (60) 802 1,030 (22.1) 12,831 12,857

Source:Companyreports

USRETAIL&TECHHEADLINESMarriottRewardsDebutsTooltoPreloadPointsBalancesWhenShoppingatRetailSites(November1)Skift.com

• Marriottisexpandingitsloyaltyprogram,MarriottRewards,toallowmemberstoearnandspendpointsoneverydayonlinepurchases.MarriottRewardsmemberswillbeabletoeitherpayforpurchaseswithpointsorelecttoearnpointswhenpayingwithcash.

• Fornow,theprogramisopentoUS,UKandCanadianretailers,with29,27and25partnersonboardineachregion,respectively.Amazon,Apple,BestBuyandBananaRepublicareamongtheretailersheadliningthepartnerlineup.

ThereMayBeFewer“Last-MinuteShoppers”ThisHolidaySeason,SurveyFinds (October30)CNBC.com

• Thisyear,moreAmericansareexpectedtobegintheirholidayshoppinginthemiddleoftheseason,orThanksgivingweekend,asopposedtolateintheseason,orearlyDecember,anewsurveyfromTheNPDGrouphasfound.

• Thismarksthefirsttimetheresearchfirmhasnoticedsuchadrasticshiftforwardinshoppers’spendingtimelinesduringtheNovemberandDecembermonths.NPDsurveyednearly3,800USconsumersinSeptemberontheirholidaypurchaseintentions.

FoodGoesDigital:OnlineGroceryShoppingBecomesFastest-GrowingSectorinUSRetail(October26)USAToday

• Atech-savvy,time-starvedpopulation,ledbythe18–35agegroup,hascatapulteddigitalgroceryshoppingintothefastest-growingsegmentinUSretail.

• ThelatestsurveybytheFoodMarketingInstitute,aretailtradegroup,foundthat,in2017,43%ofmillennialssurveyedsaidtheyshoponlineforgroceriesatleastoccasionally—a50%jumpfrom2016,withmuchofthegrowthcomingfromthosewhosaytheyshopforgroceriesonline“eitherfairlyoftenorallthetime.”

UnderArmourSlashesOutlookamidFallingUSSales,OpsChallenges(October31)ChainStoreAge.com

• UnderArmour’srevenuefellby5%inthecompany’smostrecentquarter,to$1.4billion,missingWallStreetexpectationsof$1.5billion.ThecompanycitedchallengesstemmingfromimplementationofitsnewenterpriseresourceplanningsystemaswellasadecreaseinNorthAmericansalesforitsrevenuedecline.

• UnderArmourslasheditssalesexpectations,andisnowcallingforrevenueinthelow-single-digitpercentagerange,downfromapreviousforecastofgrowthof9%–11%.Thecompanyexpects2017adjustedEPSof18–20cents.

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EUROPERETAILEARNINGS

Source:Companyreports/FGRT

EUROPERETAIL&TECHHEADLINESAnotherNewCEOforAsda(October31)TheTimes.co.uk

• Walmart-ownedAsda,theUK’sthird-largestgroceryretailer,announcedthatitwillappointanewCEOinJanuary.RogerBurnley,whoiscurrentlyAsda’sCOOandDeputyCEO,willtakethereinsfromSeanClarke,whowasappointedCEOonlyinJune2016.

• BurnleywashiredfromJ.SainsburyinOctober2016.Asdahasbeenstrugglingwithadeclineinunderlyingsalesoverthelastthreeyears.

Marks&SpencerClosesParisChamps-ElyséesStore(October28)LeMonde.fr

• UKclothingandfoodretailerMarks&SpencercloseditsflagshipParisstoreonOctober31.Thestorewasopenedin2011underthecompany’spreviousCEO,MarcBolland.Marks&Spencer’scurrentCEO,SteveRowe,isselectivelywithdrawingthecompanyfromsomeinternationalmarkets.

• Marks&SpencerwillcontinuetosellinFrancethroughfranchisedfoodstoresanditswebsite.

BurberryPresidentChristopherBaileytoLeaveCompany(October31)Companypressrelease

• ChristopherBailey,PresidentandChiefCreativeOfficerofBurberry,issettoleavethecompanyattheendofMarch2018.

• BaileywasappointedCEOinMay2014beforebeingreplacedintheCEOrolebyMarcoGobbetti.“WehaveaclearvisionforthenextchaptertoacceleratethegrowthandsuccessoftheBurberrybrand,”Gobbettisaidthisweek.

AldiNordandAldiSüdCooperateonGiftCards(October31)ESMmagazine.com

• InGermany,AldiNordandAldiSüdthisweekannouncedthattheyarelaunchinggiftcardsthatwillberedeemableinallAldistoresinthecountry.Itisasignofclosercooperationbetweenthetwotraditionallydistinctcompanies.

• ThenewcardswillbeavailableinAldistoresacrossGermanybeginninginmid-November.

WeWorkAcquiresCityofLondonPropertyfor£600Million(October29)TheTimes.co.uk

• LessthanoneweekafterannouncingitsacquisitionofLord&Taylor’sflagshipstoreinNewYork,office-spacefirmWeWorkisreportedlysettopayaround£600million(US$796million)foralargedevelopmentintheCityofLondon.WeWorkisbuyingthe620,000-square-footDevonshireSquarecomplexnearLiverpoolStreetstation.

• Sincethestartoftheyear,WeWorkhassecured£1billion(US$1.3billion)ofUKleases.TheUKisthecompany’ssecond-largestmarketaftertheUS

Company

Revenues(USDMil.)

ChangeinUSD(%)

ChangeinReportingCurrency

(%) GrossMargin(%)Change(bps)

NetIncome(USDMil.)

YoY%Change StoreFleetEOP

Period TY LY

TY LY

TY LY

2017 2016

Debenhams FYESep2 2,956 3,331 (11.3) 1.1 12.4 12.9 (50) 61.8 123.9 (50.1) 246 250

DIA 3QESep30 2,553 2,588 (1.4) (6.4) N/A N/A N/A 71.4 68.2 4.8 7,425 7,430

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ASIATECHHEADLINESChineseSocialMediaGiantWeiboIsRaising$700MilliontoFundAcquisitions(October25)TechCrunch.com

• Weibo,theTwitter-likeChinesesocialnetwork,israising$700millionasitlooksforacquisitionstocontinuetheskyrocketinggrowthitsbusinesshasseenin2017.TheBeijing-basedcompanyannouncedthatitwillofferupto$700millioninconvertibleseniornotesinordertofinance“workingcapitalneedsandpotentialacquisitionsofcomplementarybusinesses.”

• Weiboclaims159milliondailyusers—and361millionmonthlyusers—and,accordingtounauditedfiguresreleasedlastweek,itsmostrecentquarterlyprofitreachedarecord$101.1million,upfromathen-record$73.5millioninthepreviousquarter.Thecompany’sprofitsincreasedby184%yearoveryearinthepreviousquarter,soWeibohasplentyofmomentumrightnow.

NintendoSaysSwitchWillBeatWiiUTotalSalesWithinItsFirstYear(October31)TechCrunch.com

• Nintendo’snewSwitchconsoleislikelytooutselltheWiiU,itspredecessor,withinoneyearofitsrelease.NintendoraiseditspredictionfortotalSwitchsalesoveritsfinancialyear—whichrunsApril–March—to14millionunits,upfrom10millioninitially.Ifitcanhitthatnumber,thentheSwitchwillalreadyhavebestedtheWiiU,theflopconsolethatheraldedNintendo’sfirststepintohybridgamingandsoldjustover13.5millionunitsacrossitsentirelifecycle.

• SalesofSwitchconsolesandgames,combinedwithNintendo’slucrativesmartphonegames,helpedthefirmposta¥23.8billion(US$209million)operatingprofitontotalrevenueof¥220trillion(US$1.93billion)foritsfiscalsecondquarter.Overall,2.93millionunitswereshippedduringthequarter,takingtheSwitchto7.63millionunitsshippedtodate.

iPhone8LaunchPropelsAppletoGrowthinChinaAfter18MonthsofSalesDips(October31)TechCrunch.com

• ApplehasfinallyreturnedtogrowthinChina.ThecompanyhasbrokenarunofsalesdecreasesthatstretchesbacksixquartersthankstopromisingearlysignsforthenewlyreleasediPhone8,accordingtoanewreportfromCanalys.Theanalysisfirmrecorded40%annualgrowthforAppleinthethirdquarterof2017,with11millionshipmentsduringthethree-monthperiod.

• Apple’srevenuefromChinawasdownbymorethan50%fromtwoyearsago,accordingtoitsmostrecentearningsannouncement,sogrowthismuchneeded.However,despiteprogress,thefirmrankedonlyfifthintermsofsmartphoneshipmentsinChinaintheCanalysreport.

IndiaOvertakestheUStoBecometheWorld’sSecond-LargestSmartphoneMarket(October27)TechCrunch.com

• AccordingtoanewreportfromCanalys,smartphoneshipmentsinIndiagrewby23%andcrossedthe40millionmarkforthefirsttimeinthethirdquarterof2017.ThatmeansthatIndiahasovertakentheUSinsmartphonesales,withonlyChinaaheadofit.

• “Thisgrowthcomesasarelieftothesmartphoneindustry.DoubtsaboutIndia’smarketpotentialareclearlydispelledbythisresult,”CanalysResearchAnalystIshanDuttsaidinastatement.India’ssmartphonemarketwillrequirepatience,becauseissuessuchascomplicatedsupplychains,localretaillaws,importtaxes,lowerGDPandpoorer-qualityInternetservicearelikelytorestrictsmartphonesalesinthecountryforsometime.

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LATAMRETAIL&TECHHEADLINESUberCEOVisitsBrazilAheadofMobilityBillVote(October30)ZDNet.com

• UberCEODaraKhosrowshahivisitedBrazilforappointmentsthatincludedavisittothecountry’scapitalofBrasíliaaheadofaSenatevotetoregulatemobilityapps.KhosrowshahiplannedtovisitUber’sBrazilheadquartersinSãoPauloandthenheadofftoBrasília,accordingtoinformationfromReuters.

• TheregulationsthatwerescheduledtobevotedoncouldthreatenthebusinessmodelpracticedbyUberandotherride-sharingappsoperatinginBrazil.Uberisbyfarthemostpopularride-sharingappinthecountry,followedbylocalfirm99andSpanishcompanyCabify.

BradescoSeeksFinancialServicesStartups(October27)ZDNet.com

• BrazilianbankinggiantBradescohaslaunchedthefourtheditionofitsaccelerationinitiativeaimedatfinancialservicesventures.TheInovaBraprojectisopentoreceivingapplicationsfromstartupsdevelopingproductsandservicesinareassuchaspayments,security,clientengagement,theInternetofThingsandblockchain.

• Theprogramhasatotaldurationof10months,withtheselectionprocessalonetakingfourmonths.Onceselected,theventureswillreceiveguidanceandimprovementoftheirproductsandservices—andwillalsohavethechancetoselltheirofferingstoBradesco.

BrazilianFintechNubankAimsfortheCountry’sUnbanked(October25)Reuters.com

• SãoPaulo–basedfintechNubankhasannounceditsplanstocatertoBrazil’sunbankedpopulationwithadigitalbankaccount.Approximately60millionpeopleinBrazildonothaveabankaccountduetoexcessivefeesandbureaucracy,saidNubankCEODavidVélez,whostartedthecompanythreeyearsagoasacreditcardprovider.

• Thenewproduct,dubbedNuConta,isnowbeingtestedwithalimitednumberofusersandwillberolledouttothecompany’sexistingbaseof2.5millioncreditcardcustomers.Theaimistomakethedigitalaccountavailabletoallbeginninginthefirstquarterof2018.

Brazil’sRennerBeatsProfitEstimatesasCreditOperationGivesBoost(October24)Reuters.com

• LojasRenner,Brazil’sbiggestapparelretailer,beatthird-quarterprofitestimatesasstrongperformancebyitscreditbusinessandhealthysalesatexistingstoresmorethanoffsetrisingoperationalcosts.

• PortoAlegre–basedRennersaidthatnetincometotaledR$140million(US$43million)inthequarter,up65%fromthesameperiodlastyearandaboveaReutersconsensusestimateofR$124million(US$37.9million).Same-storesales,ameasureofsalesatstoresopenforatleast12months,climbed13.4%fromayearearlierasarecoveryinconsumerspendinginBrazilgainedsteam.

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MACROUPDATEKeypointsfromglobalmacroindicatorsreleasedOctober25–November1,2017:1) US:NewhomesalesintheUSjumped18.9%monthovermonthinSeptember,reaching667,000,

whichwasabovetheconsensusestimate.PendinghomesalesinSeptemberremainedunchangedfromthepreviousmonth.RealpersonalspendingandinflationmoderatedupwardinSeptember.GDPgrewby3.0%quarteroverquarterinthethirdquarter.

2) Europe:IntheUK,GDPinthethirdquarterincreasedby0.4%quarteroverquarter;theratewasslightlyhigherthantheconsensusestimate.Onayear-over-yearbasis,UKGDPincreasedby1.5%.ConsumerconfidenceintheUKregisteredat(10)inOctober.

3) Asia-Pacific:InSouthKorea,GDPinthethirdquarterincreasedby1.4%quarteroverquarter.InSingapore,industrialproductionincreasedby14.6%yearoveryearinSeptember.InJapan,retailsalesincreasedby0.8%monthovermonthinSeptember.

4) LatinAmerica:InBrazil,themanufacturingProducerPriceIndex(PPI)increasedby1.1%monthovermonthandby2.1%yearoveryearinSeptember.InMexico,retailsalesincreasedby0.2%monthovermonthinAugust,inlinewiththeconsensusestimate.

Country/Region Indicator Period Actual Survey Prior Impacton

Economy*US NewHomeSales(Thous.) Sep 667 554 561 +

US NewHomeSales(MoM) Sep 18.9% (1.1)% (3.6)% +

US PendingHomeSales(MoM) Sep 0.0% 0.5% (2.8)% –

US PendingHomeSales(NSA,YoY) Sep (5.4)% (4.2)% (3.3)% –

US RetailInventories(MoM) Sep (1.0)% – 0.6% =

US GDP(QoQ) 3Q 3.0% 2.6% 3.1% +

US RealPersonalSpending Sep 0.6% 0.5% (0.1)% +

US PCEDeflator(MoM) Sep 0.4% 0.4% 0.2% +

US PCEDeflator(YoY) Sep 1.6% 1.6% 1.4% +

US CorePCEDeflator(MoM) Sep 0.1% 0.1% 0.1% +

US CorePCEDeflator(YoY) Sep 1.3% 1.3% 1.3% +

UK GDP(QoQ) 3Q 0.4% 0.3% 0.3% +

UK GDP(YoY) 3Q 1.5% 1.5% 1.5% +

UK GfKConsumerConfidenceIndex Oct (10) (10) (9) –

SK GDP(Prelim.,SA,QoQ) 3Q 1.4% 0.9% 0.6% +

SK GDP(Prelim.,YoY) 3Q 3.6% 3.0% 2.7% +

SI IndustrialProduction(SA,MoM) Sep (0.5)% (7.3)% 0.6% +

SI IndustrialProduction(YoY) Sep 14.6% 10.0% 19.5% +

JP RetailSales(MoM) Sep 0.8% 0.8% (1.6)% +

JP RetailSales(YoY) Sep 2.2% 2.3% 1.8% +

BZ ManufacturingPPI(MoM) Sep 1.1% – 0.1% +

BZ ManufacturingPPI(YoY) Sep 2.1% – 1.3% +

MX RetailSales(MoM) Aug 0.2% 0.2% 0.2% –

MX RetailSales(YoY) Aug (0.2)% 0.5% 0.4% –*FGRT’sevaluationoftheactualfigure’simpactontheeconomyrelativetohistoricalbenchmarksandthecurrentmacroeconomicenvironment:+indicatesapositivesignalforthecountry’seconomy,–indicatesanegativesignaland=indicatesanegligibleormixedimpact.Source:USCensusBureau/NationalAssociationofRealtors/USBureauofEconomicAnalysis/UKOfficeforNationalStatistics/GfK(UK)/BankofKorea/SingaporeEconomicDevelopmentBoard/MinistryofInternalAffairsandCommunicationsofJapan/MinistryofEconomy,TradeandIndustryofJapan/InstitutoBrasileirodeGeografiaeEstatística/InstitutoNacionaldeEstadísticayGeografía/FGRT

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EARNINGSCALENDAR

Sales(Mil.) EPS

Company

EarningsReleasePeriod Date

ConsensusTY LYActual

ConsensusTY LYActual Currency

Revlon(REV) 3Q17 Nov3 605 605 0.12 0.58 USD

CVSHealth(CVS) 3Q17 Nov6 46,186 44,615 1.48 1.53 USD

MichaelKors(KORS) 2Q18 Nov6 1,048 1,088 0.83 0.98 USD

AssociatedBritishFoods(ABF.L) FY17 Nov7 15,222 13,399 1.26 1.04 GBP

Fossil(FOSL) 3Q17 Nov7 650 738 (0.27) 0.42 USD

Tapestry(TPR) 1Q18 Nov7 1,302 1,038 0.45 0.36 USD

Zalando(ZAL.DE) 3Q17 Nov7 1,066 835 0.03 0.02 EUR

Marks&Spencer(MKS.L) 1H18 Nov8 5,086 4,994 0.10 0.14 GBP

Adidas(ADS.DE) 9M17 Nov9 5,942 5,413 2.55 1.90 EUR

Burberry(BRBY.L) 1H17 Nov9 1,238 1,159 0.28 0.27 GBP

Coty(COTY) 1Q18 Nov9 2,236 1,080 0.06 0.19 USD

Nordstrom(JWN) 3Q17 Nov9 3,578 3,542 0.64 0.85 USD

Kohl’s(KSS) 3Q17 Nov9 4,298 4,327 0.72 0.82 USD

Macy’s(M) 3Q17 Nov9 5,310 5,626 0.15 0.17 USD

J.Sainsbury(SBRY.L) 1H17 Nov9 14,869 12,639 0.08 0.09 USD

Dillard’s(DDS) 3Q17 Nov9(E) 1,333 1,407 0.32 0.67 USD

Unicharm(8113.JP) 3Q17 Nov10 145 160 20.75 19.89 JPY

Richemont(CFR.VX) 1H17 Nov10 5,516 5,086 1.57 1.10 EUR

JCPenney(JCP) 3Q17 Nov10 2,763 2,857 (0.40) (0.21) USD

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EVENTCALENDAR

Event Location Date(s)

FGRTPresenting/Attending

RetailMarketingSociety:Holiday’17&Beyond NewYork,NY Nov7

RSAConference2017 AbuDhabi,UAE Nov7–8

AveryDennisonD-E-Q:DigitalEmotionalIntelligence NewYork,NY Nov8 √

FashwireLaunchatBlueprint+Co. NewYork,NY Nov8 √

ForesightFactory:Trending2017 London,UK Nov8

CESUnveiledNewYork NewYork,NY Nov9

CitiPrivateCompanyInnovationSummit SantaRosa,CA Nov9–10

Alibaba11.11GlobalShoppingFestival Shanghai,China Nov10–12 √

QTSInvestorDay2017 FortWorth,TX Nov13

MorganStanleyGlobalConsumer&RetailConference NewYork,NY Nov14–15

IDTechExShow:WearableUSAandPrintedElectronicsUSA SantaClara,CA Nov15–16

Coca-Cola2017InvestorDay Atlanta,GA Nov16

PlanalyticsQ3Recap&2017AnnualHolidayOutlook Webcast Nov16 √

LBrandsAnnualInvestorMeeting Columbus,OH Nov22

Asia-GlobalDialogue2017 HongKong Nov22

FortuneBrainstormTechInternational Guangzhou,China Dec5–6

AsianE-TailingSummit HongKong Dec6

HomeDepotInvestor/AnalystDay Boston,MA Dec6–7

FortuneGlobalForum Guangzhou,China Dec6–8 √

ICSCNewYorkDealMaking NewYork,NY Dec6–8

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November3,2017


DeborahWeinswig,CPAManagingDirectorFGRTNewYork:917.655.6790HongKong:852.6119.1779China:86.186.1420.3016deborahweinswig@fung1937.comKirilPopovSeniorAnalyst

JohnHarmon,CFASeniorAnalyst

JohnMercerSeniorAnalyst

StevenWinnickResearchAssociate

CharliePoonResearchAssistant

HongKong:2ndFloor,HongKongSpinnersIndustrialBuildingPhase1&2800CheungShaWanRoad,KowloonHongKongTel:85223004406London:242-246MaryleboneRoadLondon,NW16JQUnitedKingdomTel:44(0)2076168988NewYork:1359Broadway,18thFloorNewYork,NY10018Tel:6468397017FungGlobalRetailTech.com